BBVA and das-Nano Increase Investment in Biometric Authentication Firm Veridas

BBVA and das-Nano are upping their investment in Veridas. The two companies launched Veridas in 2017 to develop secure biometric authentication solutions, and Veridas has since established itself with face, voice, and document recognition technologies that can support remote onboarding and identification initiatives.

The latest influx of cash will allow the company to build on its success thus far. BBVA and das-Nano will specifically be injecting a total of €4 million into the company, both as a show of confidence and to support its ongoing expansion efforts. Veridas is hoping to reach new markets in Europe and Latin America, and already has plans to offer services in new countries within the next few months.

“The capital increase is a sign of trust in Veridas and a reinforced commitment to the team, the technology, and the company’s vision of becoming one of the world’s leading players in biometrics and digital identity verification,” said Veridas CEO and Co-Founder Eduardo Azanza.

The money will also allow Veridas to upgrade its equipment and its authentication technology. The company currently has customers in industries like transportation and telecommunications in addition to financial services, and indicated that demand for remote authentication options has increased as people have transitioned to digital services during the COVID-19 pandemic.

“Veridas has established itself in a short time as a first-rate technology provider in biometric recognition,” added BBVA Business Development Director Gonzalo Rodríguez. “Thanks to this alliance, BBVA was the first institution in Spain to allow an account to be opened just by taking a selfie.”

The Veridas solution covers mobile and web channels, and compares a selfie to the image on a photo ID to verify the identity of a user. BBVA, meanwhile, has partnered with Nok Nok Labs to improve its posture with regards to Europe’s PSD2 regulations and FIDO’s passwordless authentication standards. The financial institution has also turned to IDEMIA to produce a bank card made with recycled plastics.

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November 12, 2020 – by Eric Weiss

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